If you took an entry level marketing class, you may have been taught the 4 P’s of Marketing that includes Product, Price, Place and Promotion. This is a great starting point for marketing your product or service. Product includes not only the obvious product or service but also the core message, the branding of the website, the business card, packaging and anything else associated with it.
Determining the price is essential! What can your ideal customer pay for your product or service? If you are in a local market, you must understand and research the demographic and belief systems for that market. Demand what you are worth but don’t expect to be paid New York City prices for your product or service if you are living and marketing to the community in the middle of a rural area.
Place can include the location of your store, office or if you are online, your website. Essentially, how does your customer find your product or service. How do you drive traffic to your location or schedule that first appointment?
And finally Promotion really incorporates how you position, market, advertise, and promote your product or service. How do you generate leads that allow you to then close the sale? The more leads you generate, the more opportunity you have to increase your bottom line.
So creating a plan based on the 4 P’s of marketing gives you a starting point to create your marketing strategy around each product or service you offer. While this is simply a beginning, it forces you to research your market, determine how to get to that market and start generating leads that will increase your sales.